"China faces major uncertainties even though it rebounded strongly from the latest financial crisis aided by its huge treasure chest, World Bank President Robert Zoellick said in a speech on [Sept. 28]....Noting that China's rapid recovery was fueled by an expansion of credit, he said 'this flood is now easing, and authorities are likely to limit it further for fear of effects on asset prices, asset quality, and eventually general inflation.'... He said Chinese leaders recognized the risks of the continued dependence of China and other emerging economies on export-led growth...." [Agence France Presse/Factiva] "China faces major uncertainties even though it rebounded strongly from the latest financial crisis aided by its huge treasure chest, World Bank President Robert Zoellick said in a speech on [Sept. 28]....Noting that China's rapid recovery was fueled by an expansion of credit, he said 'this flood is now easing, and authorities are likely to limit it further for fear of effects on asset prices, asset quality, and eventually general inflation.'... He said Chinese leaders recognized the risks of the continued dependence of China and other emerging economies on export-led growth...." [Agence France Presse/Factiva]

Kyodo adds that "...Zoellick indicated that Japan should boost domestic demand-driven growth going forward as its export-led growth model may not be sustainable. 'It is not clear that the old export model of growth will be sustainable in a more 'balanced' global economy that does not rely so heavily on the U.S. consumer,' he said...." [Kyodo/Factiva]

Xinhua writes that "... 'Looking beyond, a more balanced and inclusive growth model for the world would benefit from multiple poles of growth,' Zoellick said. 'With investments in infrastructure, people, and private businesses, countries in Latin America, Asia, and the broader Middle East could contribute to a New Normal for the world economy.'..." [Xinhua/Factiva]
 
Source: World Bank

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